New Gillette Razor Pricing For Asian Market. Gillette Research and Development has engineered a new sanitary razor product, and Gillette Information Management aims to provide decision support for the purpose of pricing the new product. Here, we investigate the market for shaving products with respect to this endeavour.
Gillette Information Management has collected 90 relevant observations. With that data, we produced the necessary descriptive statistics and histograms about price by gender, number of cartridge blades, and country of purchase. We apply the mean and median to describe the central tendency of data and the standard deviation to describe the variability of data (Table 1).
The coefficient of variation compares variability across the sample (Table 1). The data is within the range of normal distribution because Kurtosis and Skewness are both between 2.0 and -2.0 (Table 1).
Female razors constituted over 70% of the sample. They are an average of .36 more expensive than the entire sample. The coefficient of variation, Skewness and Kurtosis were all comparable to the sample at large (Table 2).
Male razors are an average of .90 less expensive than the entire sample. Skewness and Kurtosis were all comparable to the sample at large, but the coefficient of variation was over 20 percentage points lower (Table 3).
A histogram of the data reveals a dissimilar trend in the data where there are less logical bins than the female products prices and the yield. Each bin seems to have an outlying frequency, and the minimum is .80 lower than the yield’s (Figure 3).
Our method is the application of descriptive statistics and histograms to answer the certain question that will assist us in determining the price. We note the data set is almost completely left-skewed. Most of the products are aimed at women so our packaging should target that demographic. The results are limited because of the high coefficient of variance of the yield. .